When is data a metric?
When is data a KPI?
What you should use as a comparator?
Why are metrics an important part of your data suite?
What is data?
Data is anything that we measure within our business, data is the raw numbers.
It is simply anything we measure within our business.
What gets measured gets managed, and what gets managed gets mastered.
Collecting data within your business is vital, however, this training topic considers, what makes data a metric.
How does data become a metric?
To make data a metric, you need to add a comparator.
Therefore, data plus a comparator equals a metric.
What is the difference between data and a metric?
Very little initially, because all metrics contain data.
But not all data are metrics.
Data is just the numbers, to turn those numbers into a metric.
The data needs to be quantitative.
This requires a comparator, a measure to compare against, which turns your data into information, which can be turned into reports that can then be used to make business decisions.
That's the key difference.
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